UPDATE 2-Home Depot sets $15 billion share buyback (HD)

Reuters

Dec. 6, 2017, 09:57 AM

(Adds executive quote, share price)

By Sruthi Ramakrishnan

Dec 6 (Reuters) - Home Depot Inc announced a $15
billion share buyback on Wednesday and targeted annual sales of
up to $120 billion over the course of the next three years as it
accelerates investment in stores, employees and deliveries.

The United States' largest home improvement store chain said
it would complete buybacks this year worth $8 billion by the end
of its fiscal fourth quarter ending in January 2018.

Home Depot is riding a multi-year recovery in the U.S.
housing market and has also benefited from reconstruction and
repair work related to Hurricanes Irma and Harvey that struck
the United States in August and September.

On its investor day webcast, the Atlanta-based company said
it would invest in making check-out faster for customers as well
as wages and scheduling for employees.

"The retail landscape is changing at unprecedented rates and
we plan to invest for the future to address the evolving needs
of our customers," Chief Executive Officer Craig Menear said in
a statement.

Its target range for sales for the year ending January 2021
were for between $114.7 billion and $119.8 billion, implying a
14-19 percent rise from this year's goal of $100.6 billion.

Home Depot said the new buyback program, for which it did
not provide a time frame, would replace its previous
authorization of $15 billion set in February.

Home Depot's shares have climbed about 36 percent this year.
The stock fell 1 percent to $181.60 in early New York Stock
Exchange trading.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by
Sriraj Kalluvila and Anna Driver
Editing by Chizu Nomiyama)